| Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
Application of ASC 606 for the six months ended March 31, 2019 had the following impact on the Company's Consolidated Balance Sheet at March 31, 2019 and Consolidated Statements of Income for the three and six months ended March 31, 2019 (in thousands):
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As Reported |
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Impact of ASC 606 |
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Without Application of ASC 606 |
March 31, 2019 |
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Costs and estimated earnings in excess of billings on uncompleted contracts |
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$ |
12,595 |
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$ |
(1,121 |
) |
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$ |
11,474 |
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Inventories |
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$ |
33,042 |
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$ |
1,516 |
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$ |
34,558 |
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Accrued expenses and other liabilities |
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$ |
15,559 |
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$ |
(38 |
) |
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$ |
15,521 |
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Billings in excess of costs and estimated earnings on uncompleted contracts |
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$ |
34,657 |
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$ |
543 |
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$ |
35,200 |
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For the Three Months Ended March 31, 2019 |
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Revenues |
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$ |
164,304 |
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$ |
101 |
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$ |
164,405 |
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Cost of revenues |
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$ |
144,503 |
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$ |
88 |
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$ |
144,591 |
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Provision (benefit) for income taxes |
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$ |
1,488 |
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$ |
3 |
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$ |
1,491 |
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Net income |
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$ |
4,212 |
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$ |
10 |
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$ |
4,222 |
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For the Six Months Ended March 31, 2019 |
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Revenues |
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$ |
318,631 |
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$ |
(1,664 |
) |
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$ |
316,967 |
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Cost of revenues |
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$ |
277,702 |
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|
$ |
(1,516 |
) |
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$ |
276,186 |
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Provision (benefit) for income taxes |
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$ |
3,139 |
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$ |
(38 |
) |
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$ |
3,101 |
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Net income |
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$ |
9,366 |
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$ |
(110 |
) |
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$ |
9,256 |
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